That's a mystery chip to me. I remember playing with the 3-pink inserts version on the tables back in the day. I have one in my collection, though didn't actually hunt it out from my storage boxes.

Here's some data points to consider--
The $1 Normandie, when listed in the ChipGuide, is described as blue with 3 ORANGE, though the pic is clearly pink inserts not orange. Simply a mistake in data entry that should be corrected, IMO. See:
http://chipguide.themogh.org/cg_chip_search.php?ccg=036820

The is a small crown chip, blue with 3-orange half-moon shaped inserts, but it is a hot stamp for a club in Bakersfield called the Alley Cat Club. See:
http://chipguide.themogh.org/cg_chip_search.php?ccg=031237

The orange-insert example you show appears uncirculated, and as you say in your post. I can see small cross-hatches across the inlay, so it doesn't look like someone pasted a $1 Normandie inlay on top of the Alley Cat Club hot stamp. (And why would someone attempt that anyway?) So I'm discarding that possibility.

One long-shot possibility, though I have no proof at all, could be that T.R. King started to make some back-up $1's, as Normandie had other back-up colors in other denominations. The plan was for back-ups with the 3-orange inserts, and a few were made for inspection ... only to realize that the color combination was already in use at the Alley Cat. Something that's not supposed to happen, especially with cash value chips, both in California. If so, the orange-insert you have may be an "inspection" piece that got out, and/or one in the TR King files that got out when they sold off much of their record files before closing.

Understand that the above paragraph is sheer speculation on my part; I have no evidence at all. And I haven't checked the date ranges to see if it makes sense either.

Just my 2 cents worth.